User's needs may change over a period of time. Saving / investments are the primary source of income for a user in case of emergency. Provision to liquidate the savings and raise funds to handle the situation becomes important for the user.
Using this option user can redeem term deposit and raise funds. The application provides a clear picture of the current position of the term deposit and net available balance that can be withdrawn by the user.
User can use any of the below payout options to redeem a term deposit;
This option allows Partial as well as Full redemption of the term deposit.
How to reach here:
Dashboard > Quick Links > Redemption
OR
Dashboard > Accounts > Term Deposits >Redemption
OR
Dashboard > Accounts > Term Deposits > Term Deposit Summary > Deposit Number > Deposit Details > Quick Links > Redemption
Field Name |
Description |
---|---|
Redemption Details |
|
Select Account |
Account number of the term deposit for which redemption is to be done. |
Account Balance |
Account balance of the selected account. |
Redeemable Amount |
Total redeemable amount before redemption. |
Redemption Type |
Type of redemption for user to select. The options are:
|
Redemption Amount |
Amount along with the currency to be redeemed in case of partial redemption. This field appears, if you click the Partial button in the Redemption Type field. |
Charges/ Penalty |
Charges/ penalty if the user is about to redeem (i.e. before redemption). This field appears, if you click the Full button in the Redemption Type field. |
Final Redemption Amount |
Final redeemable amount before redemption. |
Payout Details |
|
Pay To |
Account transfer options. The options are:
|
Own Account This section appears for Own Account. |
|
Transfer Account |
Account Number to which the funds is to be transferred. |
Beneficiary Name |
BeneficiaryA person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. name of the term deposit. |
Bank Name |
Name of the beneficiary bank. |
Bank Address |
Address of the beneficiary bank. |
City |
City of the beneficiary bank. |
Internal Account This section appears for Internal Account. |
|
Account Number |
Account Number to which the funds are to be transferred. |
Branch |
The list of branches of the home bank for selection. |
Branch Address |
Address of the selected branch. |
Domestic Bank Account This section appears for Domestic Bank Account. |
|
Account Number |
Account number to which the funds are to be transferred. |
Account Name |
Name of the beneficiary to whom funds is to be transferred. |
Network Type |
Applicable domestic clearing networks. The options can be:
|
Bank Code |
Bank code of the destination account. |
Bank Name |
Name of the beneficiary bank. |
Bank Address |
Address of the beneficiary bank. |
City |
City of the beneficiary bank. |
To redeem the term deposit:
FAQs
Can I redeem the term deposit before the maturity date?
Will I have to pay any penalty to withdraw the deposit before its time?
Can I get loan against my term deposit?
Are partial redemption allowed from my term deposit?
Can the maturity amount be credited into my account held with another bank?